江南新材公告称，2025年12月18日公司与鹰潭高新区管委会、鹰潭炬能投资签订合同及补充协议，拟投 资3亿元在鹰潭高新区建设高端铜基核心材料研发及产业化项目，规划用地约320亩。项目已获董事会通 过，无需股东会审议，不构成关联交易和重大资产重组。该项目将提升公司生产、研发等能力，更好满 足市场需求，但存在行业变化、审批、实施进度等风险。 ...

江南新材12月18日公告，公司拟与鹰潭高新技术产业开发区管理委员会、鹰潭炬能投资集团有限公司签 订合同，投资建设高端铜基核心材料研发及产业化项目。项目总投资金额约3亿元人民币，规划用地约 320亩，主要用于设备购置及场地建设等。项目主要产品包括铜球系列、高精密铜基散热片系列等。项 目建设期约36个月，资金来源为公司自有或自筹资金。 ...

格隆汇12月18日丨江南新材(603124.SH)公布，鉴于当前市场需求持续增长，根据公司整体战略规划， 为更好地优化公司铜基新材料产业布局，加快促进企业转型升级，满足未来发展需求，公司于2025年12 月18日与鹰潭高新技术产业开发区管理委员会、鹰潭炬能投资集团有限公司签订了《关于兴办高端铜基 核心材料研发及产业化项目合同书》（以下简称"合同书"）及补充协议，公司拟在鹰潭高新技术产业开 发区投资建设高端铜基核心材料研发及产业化项目，项目总投资金额约3亿元人民币，主要用于设备购 置及场地建设等，规划用地约320亩。项目涉及的投资金额以未来实际发生为准，公司拟通过自有或自 筹资金解决。 ...

Core Viewpoint - Jiangnan New Materials (603124.SH) plans to invest approximately 300 million RMB in a high-end copper-based core materials R&D and industrialization project in Yingtan High-tech Industrial Development Zone [1] Investment Details - The total investment for the project is around 300 million RMB, with a planned land area of approximately 320 acres [1] - The project will include the construction of an intelligent manufacturing plant, procurement of advanced production equipment, and the establishment of modern manufacturing facilities such as comprehensive office buildings, R&D buildings, dormitories, and warehouses [1] Product Focus - The main products of the project will include copper ball series and high-precision copper-based heat sink series [1] Strategic Alignment - This investment decision is based on the company's development situation, strategic direction, business layout, and product market demand [1] - Upon completion, the project is expected to enhance the company's intelligent and automated production levels, achieve intensive production and office operations, and improve overall operational efficiency [1] Competitive Advantage - The project aims to further enhance the company's manufacturing capabilities, production efficiency, R&D capabilities, management levels, and scale benefits, thereby better meeting the growing product market demand [1] - This initiative aligns with the company's strategy for green and intelligent product development, ultimately strengthening its overall competitiveness and sustainable development capacity [1]

人民财讯12月18日电，江南新材（603124）12月18日公告，公司拟在鹰潭高新技术产业开发区投资建设 高端铜基核心材料研发及产业化项目，项目总投资金额约3亿元，主要用于设备购置及场地建设等，规 划用地约320亩。项目主要产品包括铜球系列、高精密铜基散热片系列等。 ...

Core Viewpoint - Jiangnan New Materials (603124.SH) plans to invest approximately 300 million RMB in a high-end copper-based core materials R&D and industrialization project in Yingtan High-tech Industrial Development Zone [1] Investment Details - The total investment for the project is around 300 million RMB, with a planned land area of approximately 320 acres [1] - The project will include the construction of smart manufacturing plants, procurement of advanced production equipment, and supporting facilities such as office buildings, R&D buildings, dormitories, and warehouses [1] Product Focus - The main products of the project will include copper ball series and high-precision copper-based heat sink series [1] Strategic Rationale - The investment decision is based on the company's development situation, strategic goals, business layout, and product market demand [1] - Upon completion, the project is expected to enhance the company's level of intelligent and automated production, achieving intensive production and office operations [1] Operational Efficiency - The project aims to improve overall operational efficiency, manufacturing capability, production efficiency, R&D capability, management level, and scale benefits [1] - It will better meet the growing product market demand and enhance the company's overall competitiveness and sustainable development capacity [1] Alignment with Development Strategy - The investment aligns with the company's strategy for product greening and intelligent development [1]

随着AI算力需求激增，服务器散热压力陡增，液冷作为高效散热方案成市场焦点，飞龙股份、英维 克、奕东电子、江南新材、大元泵业领涨，题材相关企业整理如下： 飞龙股份（002536.SZ） 最新股价：27.59元 日涨幅：+10.01% 亮点：数据中心液冷产品已量产，电子水泵、温控阀等应用于服务器液冷领域 英维克（002837.SZ） 最新股价：92.95元 日涨幅：+10.00% 亮点：布局冷板、浸没液冷技术，推出算力设备及数据中心的液冷机柜、全链条液冷解决方案 奕东电子（301123.SZ） 最新股价：52.78元 日涨幅：+20.01% 亮点：收购深圳冠鼎（AI液冷散热头部供应商），产品供应英伟达、Meta、谷歌等头部企业 江南新材（603124.SS） 最新股价：75.33元 日涨幅：+10.00% 亮点：液冷泵、液冷温控业务下游覆盖英伟达、英维克等客户，2025年一季度该业务同比翻倍增长 光迅科技（002281.SZ） 最新股价：68.59元 日涨幅：+10.01% 亮点：浸没液冷智算联盟成员，可提供全套液冷光模块产品 宏盛股份（603090.SS） 最新股价：53.16元 日涨幅：+9.99% 日涨幅： ...

Group 1 - The PET copper foil concept increased by 2.73%, ranking 9th among concept sectors, with 39 stocks rising, including Jiangnan New Materials hitting the daily limit, and other notable gainers like Jiao Cheng Ultrasonic and Defu Technology rising by 13.54%, 12.53%, and 8.92% respectively [1] - The PET copper foil sector saw a net inflow of 318 million yuan, with 18 stocks receiving net inflows, and 7 stocks attracting over 30 million yuan, led by Dongcai Technology with a net inflow of 155 million yuan [2][3] - Jiangnan New Materials, Liyuanheng, and Hengtong Holdings had the highest net inflow ratios at 21.72%, 10.87%, and 10.15% respectively [3] Group 2 - The top gainers in the PET copper foil sector included Dongcai Technology with an 8.92% increase, Defu Technology with a 12.53% increase, and Jiangnan New Materials with a 10% increase [3] - The trading volume and turnover rates for key stocks in the PET copper foil sector were significant, with Jiangnan New Materials having a turnover rate of 15.78% and Dongcai Technology at 11.77% [3] - The overall market performance showed a mixed trend, with some sectors like CPO and copper cable high-speed connections performing well, while others like the Hainan Free Trade Zone and horse racing concepts faced declines [2]

Group 1 - The metal new materials sector increased by 0.6% compared to the previous trading day, with Jiangnan New Materials leading the gains [1] - The Shanghai Composite Index closed at 3870.28, up by 1.19%, while the Shenzhen Component Index closed at 13224.51, up by 2.4% [1] - A table detailing the individual stock performance within the metal new materials sector was provided [1] Group 2 - In terms of capital flow, the metal new materials sector experienced a net outflow of 233 million yuan from main funds, a net outflow of 101 million yuan from speculative funds, and a net inflow of 334 million yuan from retail investors [2] - A table showing the capital flow for individual stocks in the metal new materials sector was included [2]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][6]. Core Insights - The company is a mature manufacturer of copper-based materials, with a wide range of applications in various sectors including PCB manufacturing, photovoltaic cell copper plating, and power semiconductor cooling [1][2]. - The growth in the AI PCB market is expected to significantly enhance the demand for upstream copper ball and copper oxide powder products, driven by the rapid development of electronic technology and the structural growth in the PCB industry [2][3]. - The company has a comprehensive customer base that includes major domestic and international PCB manufacturers, and its products exhibit superior performance compared to industry standards [3]. Financial Projections - Revenue is projected to reach 10.86 billion yuan in 2025, 13.94 billion yuan in 2026, and 17.01 billion yuan in 2027, with corresponding net profits of 266 million yuan, 451 million yuan, and 643 million yuan respectively [4][10]. - The company is expected to achieve a net profit growth rate of 50.83% in 2025 and 69.58% in 2026, indicating strong profitability potential [10]. - The projected P/E ratios for 2025, 2026, and 2027 are 40.22, 23.76, and 16.65 respectively, suggesting an attractive valuation as earnings grow [4][10].